Student Loan Payments to Restart After Dec. 31, 2022
Oakland Community College is committed to keeping you updated with changes to the
student loan program..
Here's what you need to know about federal student loans owned by the Department of
Federal student loan payments have been paused and interest has been set at 0% due
to the COVID-19 emergency. Payments will resume starting after Aug. 31, 2022.
If your loan servicer is FedLoan Servicing, Granite State, or Navient, you will be
assigned to a new servicer before payments begin. Please be on the lookout for information
regarding this change.
If you were enrolled in auto debit payments before the suspension, you may need to
take action before payments will resume automatically be withdrawn from your account.
Details are available at StudentAid.gov.
Take These Steps Now
Don’t wait until the last minute to update your contact information and compare repayment
options. Some of these repayment options can lower your monthly payment.
Step 2 - Check out Loan Simulator to find a repayment plan that meets your needs and goals or to decide whether to
Step 3 - Use this time to explore payment relief options – like income-driven repayment
– that can work for you when payments resume in February. Visit StudentAid.gov to learn more and begin the application process.
The Department of Education warns students to avoid scams and to not accept unexpected offers of financial aid or loan forgiveness (such as
a “pandemic grant” or “Biden loan forgiveness”) without checking to see if the offer
is legit. Scams asking student loan borrowers to pay for loan forgiveness have been
common over the last year. Federal student loan repayment and relief options are available
at no charge and can be requested through the Federal Student Aid website.
Here with Additional Help with Student Loan Repayment
To provide you additional support, Oakland Community College has partnered with Student
Connections to help you understand your loan repayment commitments and address any
issues you may encounter. This service is completely free to you.
As you enter student loan repayment, Student Connections may contact you through emails,
text messages and phone calls to:
Help you understand your loan obligations and responsibilities.
Discuss available options for an affordable repayment plan.
Ensure you are aware of repayment options during financial hardships.
Promote your long-term repayment success.
These advocates are available to answer questions about your outstanding loans and,
when appropriate, work with you and your loan servicer. Visit www.repaymyloans.org or talk to a borrower advocate for free at 866.311.9450.
Who is Student Connections?
Student Connections is passionate about helping students. They partner with schools
to provide support for borrowers throughout the student loan repayment process. With
more than 60 years of experience in counseling student loan borrowers, their primary
goal is to help establish the best repayment plan for you.